Nigeria News: The Economic and Financial Crimes Commission (EFCC) seeks Elie Bitar, wanted for allegedly orchestrating a cryptocurrency fraud through the Crypto Bridge Exchange (CBEX). This scheme reportedly defrauded thousands of Nigerians, wiping out over N1.3 trillion from digital wallets as the platform collapsed in April.
The EFCC is actively investigating, having pinpointed Bitar’s last known address in Lagos. They’ve called on the public to provide information through their offices in major cities, including Abuja and Lagos. Authorities assure justice for all involved in the fraudulent network linked to Bitar.
- Key Takeaways:
- Elie Bitar is wanted for a significant cryptocurrency fraud allegedly affecting thousands.
- Over N1.3 trillion was lost when CBEX collapsed.
- EFCC urges the public to help locate Bitar for ongoing investigations.
Commentary: This case highlights the growing risks in unregulated financial technologies in Nigeria, underscoring the need for stronger regulatory frameworks to protect investors.
Question: How can regulatory bodies enhance protection for investors in cryptocurrency platforms in Nigeria?
